Zacks Investment Research upgraded shares of Pentair Ltd. (PNR) from UNDERPERFORM to NEUTRAL on January 10, 2014, with a target price of $81.00.
Pentair reported 3Q13 earnings of $0.86 per share, up 25% year over year. Pentair will benefit from the strength in North America residential and global food & beverage markets, and stabilization across Europe. Pentair has increased its cost synergy target for 2013 from last year s merger with Tyco Flow for the third consecutive quarter to $120 million for 2013. Continued share repurchases will also boost earnings. However lower orders in the Valve & Controls segment, weak Australian economy and foreign exchange remain headwinds. Thus, we initiate our coverage on Pentair with a Neutral recommendation and set a target price of $81.00.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on Pentair Ltd. (PNR),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment